BENGALURU: IT company Tech Mahindra on Monday reported a 5.3% fall in net profit for the third quarter ending December 2022, to Rs 1,297 crore compared to Rs 1,368 crore in the year-ago period.
Beating street estimates, its revenues in the third quarter stood at Rs 13,735 crore, up 19.9% year-on-year (YoY) compared to Rs 11,451 crore in the same quarter last year.
CP Gurnani, MD and CEO, Tech Mahindra, said, “We are seeing a moderation in growth given tough macroeconomic environment. We will continue to work with our customers to pre-empt their technological requirements and identify new demand drivers, especially for digital services.”
Its EBITDA for the quarter stood at Rs 2,144 crore, up 4.1% YoY.
The company’s total headcount was at 157,068, down 4.2% quarter-on-quarter (QoQ). Rohit Anand, chief financial officer, Tech Mahindra, said, “Our numbers reflect resilience as we continue to work on the expansion of operating margin. I am confident our strategy of client centricity & agility combined with delivery-led transformation will help us create value for our customers and stakeholders alike.”